Calvin College's new top financial officer ready to put school on 'financially sustainable track'

GRAND RAPIDS, MI - Calvin College has named Sally Vander Ploeg vice president of finance and administration, the Christian liberal arts school said in a news release.

Vander Ploeg has been serving in the role on an interim basis since December 2012, when Henry DeVries stepped down from the position, the college said.

"In a very short time Sally has distinguished herself as an effective servant-leader, a quick study, and a highly competent agent of change in the financial services office," Calvin President Michael Le Roy said in a statement. "Sally is devoted to Calvin College's mission and understands the important supporting role that the administration plays in the advancement of our academic goals and objectives."

From 1999 to 2012, Vander Ploeg served as Calvin’s director of gift planning. Prior to that, she was an international tax attorney for Amway Corporation, where she helped the company “open new markets overseas” the college said.

In a statement, Vander Ploeg said she’s eager to help Calvin “move toward financial sustainability.”

"I am blessed to have this opportunity to work alongside so many talented colleagues, some who have been here for many years and bring great institutional knowledge to the finance area and others who are bringing fresh eyes to improving our internal processes," she said.

Calvin is working to pay down $115 million in long-term debt. The debt grew between 1997 and 2012 as investments meant to pay down the sum generated smaller than expected returns, and the college spent more money than it had on construction projects and real estate, according to a report by the college.

Calvin is now in the midst of a prioritizing programs and services – with an eye toward cutting some and expanding others – as it incorporates debt service into its budget.

Last month, the college announced it had cut 22 positions as part of efforts to trim its 2013-14 budget. Debt service payments in the 2013-14 operating budget total about $6.2 million.

Previously, such payments haven’t exceeded .9 percent of the school’s total operating budget, which amounts to $105 million for the 2013-14 fiscal year. By 2017, the college projects 10 percent of its budget will be needed to cover debt service.